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 ringgit Malaysia drop , how to I change my RM to USD

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danmooncake
post Aug 25 2015, 09:42 PM

Market Up, Market Down...Wheee..
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QUOTE(BboyDora @ Aug 25 2015, 09:26 PM)
I change today at 4.24..

eventhough  RM strong against USD at closing today, after 29th August (Bersih rally)... dunno what will happen.
Keep it for long term.

Learned my lesson many years ago when SGD 1 = Rm 2.47. I do nothing that time.  cry.gif  cry.gif
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I wasn't able to get that rate (4.24) despite huge amount.. I'll try again tomorrow to pester my bank. sad.gif
danmooncake
post Aug 26 2015, 01:32 AM

Market Up, Market Down...Wheee..
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QUOTE(Euthenics @ Aug 26 2015, 12:58 AM)
Some analyst said RM will head North now. Market correction to happen.
Fundamentally, nothing changed but panic selling might have give way to calm now.
Will see how tomorrow goes.
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Aiyo... don't reverse yet.. I need to get a bid for my price. sweat.gif

Maybe need 4.40-4.35 in market to get real rate of 4.25 because of their spread. Darn banks are greedy. mad.gif
danmooncake
post Aug 28 2015, 09:23 PM

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QUOTE(neonikson1 @ Aug 28 2015, 06:29 PM)
This is what i fear most! MYR depreciated but it still didn't help with export and tourism! So what did we gain? NOTHING!!!!!  cry.gif  cry.gif  cry.gif
http://www.malaysiakini.com/news/310218
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I think it may depend on which sector (export) and location (tourism). In JB, from my observation, it is quite vibrant esp these past few weeks during the downfall of Ringgit. Every weekend - traffic jam going up north. Even my fav restaurant - usually npt many - full house. Supermarkets.. packed of people. Of course.. a of lot people Singapore are doing that and the local businesses are liking it.
danmooncake
post Sep 3 2015, 07:49 PM

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QUOTE(cherroy @ Sep 3 2015, 04:45 PM)
Yes, it is not consist only USD, but also Yen, Euro etc.
But majority will be in USD.

Because world trade and export always done primary in USD denominated, except business done with Jap (they prefer Yen), and Europe. While the rest of the world generally use USD as settlement medium.

Petronas export oil, will receive USD as payment as oil is sold in USD term, so it takes the USD and exchange back to RM, BNM will have USD in the foreign currency reserves.

Foreigner buyer come in Malaysia to buy palm oil in Malaysia, they will bring USD to BNM to exchange to RM then pay the palm oil company.

Corporate borrowed from overseas in USD and bring back to Malaysia for their corporate funding, then the USD will go to BNM.

So, USD is the ultimate important currency in the foreign currency reserves coffer.
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How about with China? I thought at one time, Malaysia is suppose to have direct RMB/MYR settlement exchange center and skip USD altogether therefore should not have any detrimental effect. But, recent Yuan move (intentional devaluation against greenbacks) seems to hurt Ringgit more. hmm.gif

This post has been edited by danmooncake: Sep 3 2015, 07:50 PM
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